The length and depth of the Great Depression is not explained by Hayek's theory alone; it requires adding Bob Higgs's regime uncertainty and Milton Friedman's money-supply collapse, plus the actual interventions of the National Industrial Recovery Act and Agricultural Adjustment Act, which organized industry and agriculture to restrict output to raise prices—a non-sequitur because cartelizing one industry yields monopoly profit but cannot work for all industries simultaneously, since universal output restriction shrinks total output and reduces hiring.